44 crore 60 lakh in the name of the management of the private sector has shown an expense insurance Express Insurance Company Limited. In particular to look into irregularities in the company's audit firm (special audit firm) decided hiring Insurance Development and Regulatory Authority (IDRA). IDRA biyasati reliable sources confirmed the matter.
Sources say the information is in the company's board of directors and management costs assigned to the department more than the amount of money that has been spent. After receiving the complaint at the latest board meeting of the Authority has decided to appoint the audit firm.
According to sources, between 015 to 009 Express Insurance management has spent 85 crore 16 lakh. According to the rules, the management of an organization can spend a maximum of 40 crore 5 lakh. As the 44 million to 60 million over the past seven years the company has spent illegally. 63 Section 010 of the Insurance Act and violation of the Insurance Rules -1958.
Officials of the illegal expenditure of 009 million 93 million, 3 million, 35 010 million, 011 million, 4 million of 7, 5 million to 55 million in 01, 013, 8 million to 38 million, 10 million to 60 million in 014 and 015 the company has more money to spend in the 10 million to 70 million.
The company's audit firm investment, loan, advance, fixed and other assets, vehicles, land and buildings, cash, tax and VAT, the amount sammani chairman and directors and other company benefits from its paryalocanasaha income, expenditure and assets will look into the issues.
Soon, the company's managing director (MD) and the Chairman of the guidance will be sent to the source confirmed. Zuber Ahmed Khan told a member of the Authority, as well as the general insurance sector and the life insurance company's financial reports are reviewed by a number of new rules insyurensasaha costs were excluded.
"Due to cost more money than the amount set by law, the company's ability to pay insurance claims decreased. As well as the share holders are deprived of the dues. Excluding the cost of the company, find out the rules of the company auditor will be appointed. "
He said he will take legal action against those responsible. When contacted, the Managing Director of Express Insurance Saidur Rahman declined to comment. However, he said, "IDRA 44 crore more than the cost of the treatment have been spent."